ELLICOTT CITY, MD — Mad Fitness Group of Pikesville, which owns 31 F45 Training locations across six states including in Maryland, has filed for bankruptcy, according to reports.
The franchisee who owns these particular F45 Training sites, Mad Fitness Group, stated in its Chapter 11 bankruptcy filing with a Florida court that it intends to close or sell half of its studios and reorganize those locations that show they can be profitable.
Mad Fitness Group LLC and its 31 affiliated entities filed for Subchapter V protection earlier this month in the U.S. Bankruptcy Court for the Southern District of Florida, according to court records. Subchapter V protection is a streamlined form of Chapter 11 designed for qualifying small businesses. The filings do not involve F45 Training Incorporated, the franchisor, which has not filed for bankruptcy, according to Athletech News.
The company operates franchised F45 studios — the circuit-training concept with exercise stations and video-cued workouts — across Maryland, Florida, Georgia, Virginia, Kansas and Missouri. Fifteen studios have already closed, one in Kansas City, Missouri, will be sold and 16 will remain open, reports indicate.
Court documents show the company has already vacated the 15 studios before filing.
According to Mad Fitness Group's website, the following locations it owns in Maryland remain open:
Reports show that the following locations it owns in Maryland have closed:
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